Which of the following statements best describes the relationship between materiality and audit risk?
A)Both materiality and audit risk are directly related to the planned level of substantive procedures to be performed.
B)Materiality and audit risk are assessed independently of each other.
C)A higher assessed materiality level results in a higher assessed audit risk level.
D)A lower assessed materiality level results in a higher assessed audit risk level.

Question

Quizplus · Accepted Answer

The Answer of Which of the following statements best describes the relationship between materiality and audit risk?
A)Both materiality and audit risk are directly related to the planned level of substantive procedures to be performed.
B)Materiality and audit risk are assessed independently of each other.
C)A higher assessed materiality level results in a higher assessed audit risk level.
D)A lower assessed materiality level results in a higher assessed audit risk level.

Which of the Following Statements Best Describes the Relationship Between